Osaic announced the recruitment of Chicago-based McDermott Gall Wealth Management from Raymond James through its independent partner GCG Advisory Partners. Founded by James McDermott and Matthew Gall, the firm serves businesses, families and individuals, emphasizing a collaborative approach and customized strategies. It has $215 million in client assets.
GCG Advisory Partners President and CEO, Joel Burris, said “I believe it speaks volumes to the type of firm and culture we are building at GCG that advisors of their caliber have chosen our platform of supported independence for their vision for an even more successful future. McDermott Gall expands our presence in the greater Chicago area to over $500 million in client assets since the beginning of the year.”
McDermott said, “Matt and I were extremely impressed by all the service and support GCG has to offer in addition to global scale offered by their partnership with Osaic. From their cutting-edge advisory platform to their industry-leading succession and acquisition program, we now have all the tools, resources and flexibility we need to achieve our strategic growth goals.”
Before joining Raymond James in 2015, McDermott served at Prudential Securities, Smith Barney, Wells Fargo Advisors and Oppenheimer & Co. Gall, who also joined Raymond James in 2015, previously worked at Smith Barney, A.G. Edwards and Wells Fargo Advisors.
Kristen Kimmell, Executive Vice President Business Development at Osaic, said, “We look forward to partnering with them and helping them thrive. Having the GCG Supported Independence platform along with their ability to offer a hybrid employment model gives Osaic a great partner to attract other such high caliber teams from the wire house world to the independent channel.”
Osaic is a portfolio company of Reverence Capital Partners. It recruited Illinois-based Greg Diamond in October, a $600 million team from Wells Fargo in September and Vitucci Integrated Planning from Cetera in July, after rebranding from its previous name – Advisor Group – in June. The firm supports over 11,000 financial professionals.
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.
